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Finca Serena Will Offer Permanent Housing for Homeless

A loan totaling $40.6 million was recently provided for the development of Finca Serena in Porterville, CA. The blended occupancy property will offer permanent supportive housing to unhoused individuals and families in Tulare County.

KeyBank Community Development Lending and Investment provided a $23.1 million construction loan and a $2.5 million permanent loan as well as $15 million in low-income housing tax credit equity to UPholdings LLC and Self-Help Enterprises to build the property. UPholdings, based in Lincolnwood, IL, is an affordable housing development and management company, and Self-Help is a nationally recognized community development organization based in Visalia, CA.

The development received support from the California Department of Housing and Community Development, which awarded the project $17 million in funding under the California No Place Like Home Program and the HOME Program. The property will include a total of 80 units, 39 of which will be restricted at 60 percent of area median income (AMI). Another 39 units will be restricted at 15 percent and 30 percent of AMI and benefit from 20-year rental subsidies from the Kings/Tulare Homeless Alliance.

Matthew Haas and John Paul Vachon of KeyBank structured the financing.


Inside The Story

Matthew Haas

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Financing
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